estimator

/ˈɛstɪˌmeɪtə/

noun

1.

a person or thing that estimates

2.

(statistics) a derived random variable that generates estimates of a parameter of a given distribution, such as ̄X, the mean of a number of identically distributed random variables Xi. If ̄X is unbiased, ̄x, the observed value should be close to E(Xi) See also sampling statistic

estimate

verb (ˈɛstɪˌmeɪt)

1.

to form an approximate idea of (distance, size, cost, etc); calculate roughly; gauge

2.

(transitive; may take a clause as object) to form an opinion about; judge: to estimate one's chances

3.

to submit (an approximate price) for (a job) to a prospective client

4.

(transitive) (statistics) to assign a value (a point estimate) or range of values (an interval estimate) to a parameter of a population on the basis of sampling statistics See estimator

estimate

n.

1560s, "valuation," from Latin aestimatus, verbal noun from aestimare (see esteem). Earlier in sense "power of the mind" (mid-15c.). Meaning "approximate judgment" is from 1580s. As a builder's statement of projected costs, from 1796.